MAS restrict loan Tenure for Residential Properties

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Singapore, 5 October 2012…The Monetary Authority of Singapore (MAS) will restrict the tenure of loans granted by financial institutions for the purchase of residential properties. MAS’ move is part of the Government’s broader aim of avoiding a price bubble and fostering long term stability in the property market. 2   The maximum tenure of all new […]

Pay down housing loan with CPF

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Thinking of using your CPF to pay down your housing loan? Some mortgage advisors will suggest doing it when the prevailing housing interest rate is more than 2.5% p.a. Is this correct? Before we answer the question, let’s look at the interest rates in details. CPF Interest Rates For ordinary account (OA), CPF members will […]

Bank Clauses in Housing Loans

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Most purchasers of property in Singapore rely on the bank to help finance the purchase of their dream home, office, shop or warehouse. In exchange for the money from the bank to buy that dream property, owners mortgage their properties to the bank. This relationship between the property owner and the bank usually lasts 20, […]

Fixed or Variable Interest Rate, when is the best time?

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Borrowers are always wondering when the best time to take up a fixed interest rate package. Fixed rates are generally higher than variable rates to take in account possible rises in the lending rates. When a borrower takes a fixed rate, he is predicting that the variable rate will rise above the fixed rates. Fixed […]

How much can I borrow

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Recently, we have been receiving requests from our users that they would like to know how much loan they can borrow based on their current household income and expenditure.  Hey, I would like to know if I can afford another property too.  It seems like the market has somehow slowed down due to cooling measures, […]

MoneyIQ approach to comparing loans

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Home owners looking for a mortgage in our small city of Singapore will be pampered by choices. There are at least 12 banks offering at least a total of 100 types of mortgages. Almost every package is different and it’s impossible to find a common denominator to do a comparison. Type of mortgages There are […]

Mortgage Glossary

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Accrued Interest Interest calculated and added to the interest amount payable, but which is not yet paid. Amortization Scheduled repayment of a loan through regular instalments over a period of time (e.g. weekly, fortnightly or monthly repayments over a 30 year term). The borrower pays the interest and part of the principal in each repayment. […]

 
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